Questions you should ask your loan officer:

• How long have they personally been in the mortgage business?
  
  
• Do they have any underwriting experience?
  
  
• Does it cost you anything “up-front?”
  
  
• Do they have the capability to offer many different investors rates and products, or just their own?
  
  
• How many transactions do they generally close on a monthly basis? (Reason: if they do not seem very busy, you should wonder why. Good loan officers are in high demand for good reason).
  
  
• Do they have a dedicated team working for you?
  
  
• Can the company provide testimonials from satisfied customers or other references?
  
  
• What are my total closing costs including all fees? Are these costs disclosed in writing through a Good Faith Estimate of Closing Costs?
  
  
• Are all closing costs included in this estimate or only selected ones?
  
  
• Is the rate being quoted "locked" or "floating"? When can I lock the loan and how long will the lock last? Is there a charge to lock the loan?
  
  
• Is there a prepayment penalty? If so, how much is the penalty and how long is it in force?
  
  
• Does the loan require escrow accounts for taxes, insurance, or other items? Are the amounts disclosed in the Good Faith Estimate?
  
  
• If the loan is an Adjustable Rate Mortgage, what are the index, margin, and caps associated with the loan? Can it be converted to a fixed rate? How stable is the index being used? When will the first adjustment occur?
  
  
• What is the overall cost of financing this home over the life of the loan? Is this cost disclosed through Truth in Lending forms?
  
  
• Will paying points reduce the overall cost of my loan? By how much? How long will it take to recover the cost of paying points?
  
  
• Do the loan products being offered fit my particular needs?
  
  
• Can I readily qualify for the programs I am applying for?
  
  
• How long will the process take?